Melbourne Housing Market Becomes More Affordable After Price Declines
By
PaulHoule
A baker's-dozen of insight crammed into one ring.
Summary
Melbourne's housing market has become more affordable after years of being Australia's second most expensive city. After reaching a median house price over $1 million in 2021, prices have fallen, with the current median still $10,000 below peak levels. The affordability improvement is attributed to increased housing supply, reduced property investor activity, and less competition from speculators, making it easier for owner-occupiers to enter the market. Experts debate whether this trend will continue or if it's a temporary correction.
Key quotes
· 4 pulledIn 2021, Melbourne's median house price surpassed $1m, after a decade of rising by an average of more than $70,000 a year.
The city's median house price is still $10,000 lower than it was at its peak, data released by Domain on Thursday showed.
While investors say Victoria is a warning to other states, the pricing slowdown has helped more owner-occupiers enter the market.
With more listings and less competition from property speculators helping to make the city more affordable.
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